7454 Elk, Yucca Valley, CA 92284

Property Description

This is a nice bank repo that can be bought at an incredible $40,625 per unit. Due to the foreclosure, most tenants left during foreclosure and only two remain in unit's 2 & 6. The existing tenants are paying a market $600 per month. These units are large and functional, with each unit ranging in size from 816 SF to 890 SF. The vacant units need some work, but that mainly involves paint, carpet replacement, window dressing, cabinet touch up, and a few holes in the drywall. All units are ceiling swamp cooled and wall heated. Private carports for all units. Also, community laundry room at complex. Due to vacancy level, conventional financing isn't possible so only short term cash or hard money offers will be considered. Still, fully performing, this property performs at a rare 5.64 Gross Rent Multiplier. Fully performing operating expenses are unknown since subject was taken back with a 25% occupancy so an accurate cap rate could not be figured. Please see supplements for aerial, site plan, and rent roll. At this price, this fine complex can be converted to a keeper at great returns!